To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Wayne home prices have performed since 2008.
Wayne historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
6
$655,000
$766,350
-
2009
4
$609,500
$713,115
-6.9%
2010
5
$350,000
$399,000
-44%
2011
10
$597,500
$675,175
69.2%
2012
4
$489,000
$533,010
-21.1%
2013
18
$487,500
$526,500
-1.2%
2014
13
$447,750
$474,615
-9.9%
2015
13
$464,000
$491,840
3.6%
2016
10
$497,500
$522,375
6.2%
2017
15
$451,000
$460,020
-11.9%
2018
20
$556,500
$556,500
21%
Total change in price
-27.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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